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f This guiding principle is further defined through the following 14 operating principles. • 6. TCAAP Public FinancinE and Tax Increment Principles A. General assumptions of redevelopment shall serve as a guide for TCAAP financial assistance policies. These assumptions are as follows: 1. Redevelopment is an inevitable community process. 2. The City needs to be proactive to redevelopment challenges. 3. Redevelopment processes are complex, requiring a large amount of City resources to be successful. 4. The City recognizes public investment/initiatives for redevelopment are essential for the long-term health of the community. 5. Redevelopment costs may compete with other City interests. 6. Redevelopment benefits are both tangible and intangible. 7. Every redevelopment project brings a unique set of circumstances and • challenges. As such, each strategy must be tailor-made to match these conditions. B. As evidenced by other Twin Cities metropolitan redevelopment activities, the magnitude of the TCAAP project (primary development area is 455 acres) combined with extraordinary environmental challenges, demolitions costs, infrastructure improvements including potential freeway interchange improvements, marketing challenges and asset enhancement design creates a redevelopment project that will need significant public financing in order to be economically feasible. C. The City desires that the TCAAP project, as outlined in the City's approved Master Framework Vision, and the City's goals and vision for the project dated January 26, 2004 be of high quality. To this end, the City recognizes that public financing will be required to achieve this objective. D. TCAAP will have a positive long term impact on the City by the immediate clean- up of polluted properties, the elimination of vacant buildings and infrastructures, Page 5 of 8 \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\TCAAP Public Financing Policy-Final.doc